LONDON, March 11, 2024 (GLOBE NEWSWIRE) — In the wake of the recent Spring Budget 2024 announcements by Chancellor Jeremy Hunt, the UK property market, particularly in London, is set for a series of significant shifts. WSLM, a leading property agency specializing in the Prime Central London market, breaks down the implications for local and national investors, underscoring the evolving landscape of property investment in the UK.
Strategic Shifts in the Property Market:
Abolition of the Furnished Holiday Lets Regime (Effective from 6 April 2025): This move aims to redirect focus towards long-term rental accommodations, impacting current tax relief benefits for short-term lets. This could result in an increased supply of long-term rental properties, potentially stabilizing rental prices in sought-after areas.
Abolition of Multiple Dwellings Relief (Effective from 1 June 2024): The withdrawal of this relief will affect transactions involving multiple properties, which may lead to a re-evaluation of investment strategies for bulk purchases. This change seeks to simplify tax calculations and may influence the structure of future property investments.
Reduction of Capital Gains Tax Rate (Effective from 6 April 2024): The reduction from 28% to 24% for residential property sales not qualifying for full Principal Private Residence relief could energize the property market, making it a more attractive time for investors to sell or reposition their portfolios.
UK Economic and Property Market Context:
The backdrop of these changes includes ongoing economic adjustments and a property market that remains resilient despite broader challenges. With these new measures, the government aims to fine-tune the market’s dynamics, encouraging investments and ensuring sustainable growth.
WSLM’s Role and Commitment:
WSLM is dedicated to navigating these changes alongside our clients. Walter Soriano, a leading expert at WSLM, comments, “We understand the nuances of these budget changes and their implications for the property market. Our commitment is to provide strategic, informed advice to ensure our clients can adapt effectively and capitalize on new opportunities.”
As the market adjusts to these new fiscal measures, WSLM remains at the forefront, offering expert guidance and tailored services to meet the evolving needs of UK investors in Prime Central London. With a detailed understanding of market trends and regulatory changes, WSLM is ideally positioned to support clients in making informed, strategic investment decisions.
For more information on how these changes might affect your property investment strategy, please contact WSLM at:
https://waltersoriano.com / https://wslm.co.uk /
Media Contact:
Full Name: Walter Soriano
Company: Walter Soriano London Management (WSLM)
Website: https://waltersoriano.com
Phone: +44(0)2045774123
Email Address: [email protected]
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2f4e52c9-2aec-4a97-8a9a-47eac2c50518
